Hyflux white knight Utico mulls $500m Singapore IPO

The company will be valued by at least $2b.

Bloomberg reports that UAE-based utility firm Utico is planning to raise as much as $500m in a Singapore listing in the next two years, according to its CEO Richard Menezes, adding that he expects the valuation of the company to be at least $2b..

Utico, one of the suitors for embattled water treatment firm Hyflux, is planning to acquire an 88% stake in the company for $400m.

Also read: Hyflux ‘progressing' towards binding $400m deal with Utico

The utility firm’s IPO is contingent on it acquiring Hyflux, but that condition could change over time, Menezes said. Utico also plans to relist Hyflux after restructuring by the end of 2019 or early next year, he said.

Utico first expressed its intent to inject $400m into Hyflux in late April after the latter’s deal with Indonesia's SM Investments (SMI) fell through.

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